Crypto Trading Weekly 4/29/19

BTC 4H

Bitcoin has recovered well from the Tether-related sell-off and is consolidating in a flag pattern. The support of the lower line shows strong support at this level.

BTC W

On the weekly chart BTC has produced a DOJI- style bar which highlights a pause or indecision. Traders are awaiting a catalyst for a break of the consolidation channel. Price has found resistance at the 50 ma but continued support may see a test of $6,000.

The $6,000 level was stubborn support in the second half of 2018 and will likely provide formidable resistance.

The general market is flat after the BTC sell-off and will be guided by its next moves after a brief period of dislocation. A weekly close above $5,600 will see further upside, whilst a weekly close near $5,000 will see a pullback.